Merchants Capital Secures $90M for Phoenix-Area Low-Income Housing
Roers Companys has secured $90 million in construction, permanent financing and Low-Income Housing Tax Credit equity for the development of a 200 unit project to be built in Buckeye, Arizona. Financial services provider Merchants Capital provided the capital for Roers.
Solana Villas will be set on approximately 10.7 acres of land made up of garden-style buildings. Upon completion of construction, the complex will include eight three-story buildings and one two-story building consisting of a mix of one-, two- and three-bedroom floor plans. All units will be restricted to individuals earning no greater than 60% of the area median income (AMI).
Merchants Capital secured financing for the property consisting of a $33 million tax-exempt construction loan, a $24 million taxable construction loan and a $31.5 million Freddie Mac Tax-Exempt Loan forward commitment for the permanent loan. A 4% LIHTC equity investment of $27.8 million was provided by Merchants.